RIYADH, Saudi Arabia — The company chaired by a detained Saudi billionaire prince is seeking to reassure investors after its stock plunged following his arrest in a purported corruption sweep.

Prince Alwaleed bin Talal’s Kingdom Holding Co. said in a statement Monday that it has the government’s “vote of confidence” as it pursues its investment strategy and global business operations.

Prince Alwaleed is chairman of the company, which has investments in Twitter, Apple, Lyft, Citigroup and hotel chains like the Four Seasons, Movenpick and Fairmont.

CEO Talal al-Maiman says the company, which manages more than $12.5 billion of investments around the world, is focused on its “unwavering responsibilities” to shareholders.

The company, which lost 7.5 percent in trading Sunday, made no reference its chairman’s arrest.

Author photo
The AP is one of the largest and most trusted sources of independent newsgathering. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.